Whether you’re caregiving for a senior loved one or not, it’s important to discuss their current financial plans. According to a recent survey, 73% of adult children have yet to talk money with their aging parents. Meanwhile, Business Insider reports that 45% of baby boomers had no savings. It’s better to have a plan in place than to have to react when your loved one starts showing signs they need help. Here are a few tips to talk to your parent(s) about their financial future.

Prepare For The Talk

Discussing finances with your parents should be something you're both prepared for, and not an event that gets sprung on your aging loved one during Thanksgiving dinner. Let your parents know you’d like to sit down and discuss their finances so they can prepare as well. For all you know, they haven’t considered a financial plan.

What Questions Do You Have?

Come up with some questions you have to better understand what their current plan is, how that plan will change if their needs change, and what help might be required from you. Some examples of questions would be when your loved one plans on claiming Social Security, if they already are, what other institution they might be withdrawing retirement funds from, and if they have met with a financial advisor.

Make A Checklist

If you’re financially planning for elderly parents, it’s smart to make a checklist. You can find some online and use those or create your own based on your loved one’s specific needs. Fidelity offers a checklist to help shape a retirement plan. Even if your loved one is already retired it might be smart to bring a checklist like that to make sure they are making the most of their finances.

Make It A Positive Talk

One of the benefits of planning to discuss senior finances early is that your loved one will feel less defensive and more open when they feel you’re in it with them. You don’t want your loved one to feel ambushed or shamed about their financial status. Senior financial planning can remove future stress and strain on everyone, but the ultimate goal is your loved ones happiness so they can focus on enjoying their golden years.

Is an Independent Living community part of your loved one’s financial plan? Take a look at a Careage community nearby to plan for the future.